It's important to recognize that the majority of this growth is the result of inventory restocking, growth in fixed non-residential equipment and software investment as well as a notable slowdown in imports.

As with last quarter, estimates of fixed investment in both residential and non-residential appear too optimistic in the release which, along with the change in inventories, saw nearly a 40% increase in overall gross private domestic investment.

Residential fixed investment saw an increase of 5.7% at an annual rate but likely still has further downward revisions to come in benchmark releases.

Non-residential fixed investment saw an increase of 2.9% at an annual rate but again, will likely be revised to show a steeper contraction in future revisions.